Pershing Square, the hedge fund of investor Bill Ackman, has proposed a multibillion dollar merger deal with Universal Music Group.
Ackman has been pursuing Universal for nearly five years, with this US$64 billion takeover offer the latest in his campaign.
The deal would come from Pershing Square's acquisition vehicle and would be a cash-and-shares offer.
Universal Music, which represents some of the industry's biggest names, including Taylor Swift, Billie Eilish, Kendrick Lamar and Sabrina Carpenter, acknowledged the deal in a statement from the board of directors.
"The Board of Directors, together with its advisors, will review the proposal in accordance with its fiduciary duties and analyse its implications for shareholders, employees, artists, songwriters and other stakeholders," the statement said.
"The Board of Directors has complete confidence in UMG’s strategy and the leadership of Sir Lucian Grainge and the company's management team."
